Intense competition in ADCs means Pheon is holding back details on its technology as it heads into Phase I studies after a $120m series B fundraising.

Private Company Edition: AltruBio raised up to $225m and Pheon garnered $120m in series B financings, while Lycia brought in $106.6m in series C cash. Also, Sands Capital closed its third life science fund, totaling $555m, and NewVale Capital debuted with $167m for life science services.

Public Company Edition: Pfizer’s stake in Haleon dropped from 32% to 22.6% with a massive sale of shares of the GSK consumer health spinout. Also, Galderma prices its Swiss IPO, Madrigal grosses $600m in a post-approval offering and bluebird secured up to $175m in debt.

Pipeline is concentrated around Phase II, but sponsors have a few chances to see how FDA handles its ‘foundational constructs’ for psychedelic drugs, led by Lykos’ pending NDA for PTSD and Compass Pathways’ Phase III synthetic psilocybin COMP360 for treatment-resistant depression.